Firsthand Technology Value Fund Announces Third Quarter Financial Results, NAV of $0.10 Per Share - Seite 2

During the quarter, the Fund suffered material setbacks in IntraOp Medical Corp. and Wrightspeed, Inc., two of its largest holdings at the start of the quarter. As a result, the total assets of the Fund were reduced dramatically by September 30, 2023.

Effective September 30, 2023, the Fund has entered into a fee waiver agreement with its investment adviser, Firsthand Capital Management, Inc. (“FCM”). Pursuant to the terms of this agreement, FCM has agreed to (1) waive future accruals of the base management fee starting October 1, 2023, through December 31, 2024, with future recoupment to the extent permitted by the Investment Management Agreement between the Fund and FCM, and (2) waive $2.5 million of base management fee that has been accrued but unpaid as of September 30, 2023, subject to recoupment to the extent permitted under the fee waiver agreement.

For the quarter ended September 30, 2023, the Fund reported a total investment loss of approximately $0.2 million. After fees and expenses, including the aforementioned fee waiver, the Fund reported net investment income of approximately $1.9 million. The Fund reported net realized and unrealized losses on investments of approximately $12.3 million for the quarter.

Throughout the quarter, the Fund continued its efforts to manage its portfolio prudently, including working with its portfolio companies and their management teams to seek to enhance performance and uncover potential exit opportunities.

About Firsthand Technology Value Fund

Firsthand Technology Value Fund, Inc. is a publicly traded venture capital fund that invests in technology and cleantech companies. More information about the Fund and its holdings can be found online at www.firsthandtvf.com.

The Fund is a non-diversified, closed-end investment company that elected to be treated as a business development company under the Investment Company Act of 1940. The Fund’s investment objective is to seek long-term growth of capital. Under normal circumstances, the Fund will invest at least 80% of its total assets for investment purposes in technology and cleantech companies. An investment in the Fund involves substantial risks, some of which are highlighted below. Please see the Fund’s public filings for more information about fees, expenses and risk. Past investment results do not provide any assurances about future results.